4 Steps to Grow Your Business
Growing your business requires a systematic and disciplined approach that is similar to the plans you set forth when starting your business. In today’s fast and challenging business environment, it is necessary to have a proven process in place to grow successfully. We at Sina Advisory Group call this process the Four-Step Growth Cycle. Here is a glimpse of how this process will take your company to the next level of success. Let one of our professionals work with you to achieve your optimum growth potential.
It’s the time that you work “on” your business, rather than “in” your business. It’s about sitting back and thinking about the stated aims and objectives of your business, what is so unique about you and your business, your target market, and who will be leading the path to growth and profitability.
- Business Goals and Objectives: This stage involves thinking about what you are trying to achieve.
- Business Uniqueness: Determining what makes your business different from any other companies in your industry.
- Target Market: Defining the typical customer you are hoping to draw and retain.
It’s important to develop a roadmap that defines a step-by-step action plan for success. You should be able to provide answers to five “Ws” and one “H”: Who, What, When, Where, Why, and How. Once you have answered these specific questions, then you can move forward in finding ways to begin your journey of success. Some ideas may include:
- Improving your inventory turnover
- Controlling cost of sales
- Managing payroll expenses
- Exceeding your current customers’ expectations
- Establishing a Refer-A-Friend program
- Devising a reward system for employees who meet or exceed sales goals.
- Opening a new location
- Introducing a new product or service
- Forming a power- partnership with other local businesses to deliver value-added products and services
- Expanding to other markets
- Designing a winning website to enhance your online presence
Below is an example of an effective action plan. Let’s assume that a retail clothing store is having great success in all metropolitan areas and the owner is planning to open new locations:
By May 2014
Walnut Creek, CA
Demand based on market research
The owner will lead the project
See Business Plan
An outline of a business plan:
Business or project concept
The overall market
Location of the business/shop/branch
Key competitive capabilities
Marketing and sales
Key team members
The technology used
Assumptions and comments
Copies of leases
Copies of contracts
Copies of permits
Executing your well-defined action plan is the most vital step. If you have the best vision and plan, but you are not able to implement the plan, you will not be able to successfully achieve your goals. At this step, you have to create the best follow-up, follow-through, and inspection of what you are expecting from the system to achieve the best possible outcome. You have to lead by example to ensure that all members of your organization, both department heads and employees, understand the mission, and that they are all on board. Specific recommendations include:
- Training and coaching workshops – train and coach employees who are the face of your company. Answer the basic question: Why we are doing this, and how (six Ws)?
- Team development – hiring and training the best employees
- Client Relationship Management (CRM) – follow up, follow-through, and sales management system
- Periodic plan review – annual or semiannual action plan reviews to maintain a living and updated roadmap
- Key Performance Indicators (KPI) – a type of performance measurement
- Performance Improvement Process (PIP) – a type of team performance measurement and improvement assessment
- Six Sigma Strategy – a set of tools and techniques/strategies for process improvement
- Utilization of technology to streamline implementation
- Incentive Plans – a policy to reward the top performers
Monitoring the results of your plan will ensure that your vision becomes a reality. At this step you will generate sales reports, key performance reports, and other necessary documentation to showcase your achievements, reward great performers, and improve areas that need attention.
Recommendations may include:
- Individual, group, and company-wide sales reports
- Inventive and commission reports
- Customer satisfaction reports
- Productivity reports
- Expense reports
- Inventory reports
As you can see, the process of growing your business requires many steps and strategies to achieve your individual goals and incentives. Let Sina Advisory Group partner with you through the Four-Step Growth Cycle to lead you in the right direction towards the future success of your company.